July 22, 2025 | Dubai, UAE: Powerhouses, Titan Dubai’s Damas Deal is making headlines across the GCC. Indian jewellery giant Titan has announced it will acquire a majority stake in Dubai’s iconic jewellery brand, Damas, for a whopping Dh1.038 billion. The deal will give Titan a 67% stake in Damas LLC, marking one of the most significant cross-border acquisitions in the luxury retail space this year.

But beyond the boardrooms and billion-dirham figures, Titan Dubai’s Damas Deal represents something larger, a coming together of heritage, ambition, and the shared sparkle of two nations with a love for gold and growth.

A Legacy Reimagined

Damas isn’t just any other brand; it’s a name that is calmly woven into Dubai’s royal history. Founded in 1907, Damas has always been the go-to destination for generations of jewellery lovers and enthusiasts all across the UAE. With it’s 146 stores spread across the GCC, the brand is known for its mix of tradition, innovation, and regional craftsmanship.

Now, with Titan Dubai’s Damas Deal, this century-old legacy is set to be reimagined. Titan, which already made waves with the Tanishq brand across the UAE and the USA, sees Damas as the key to unlocking a broader audience. “Damas isn’t just a brand; it’s a story,” “And with this acquisition, we’re becoming a part of that story, taking it forward with fresh energy,” said CK Venkataraman, Managing Director of Titan.

Why the Deal Matters

Titan Dubai’s Damas Deal isn’t just about numbers, it’s a strategic shift. Titan Holdings will now hold both equity and voting rights, giving it full control to steer the brand’s next chapter. The deal also allows Titan the option to acquire the remaining 33% after December 2029.

For Mannai Corporation, the Qatar-based company that acquired Damas in 2012, this sale is a chance to realign its focus. Mannai will retain a minority stake in Damas for the next four years, even as the company’s next phase of growth unfolds under Titan’s leadership.“Titan Dubai’s Damas Deal is a win-win,” said Alekh Grewal, Group CEO of Mannai. “It’s not just a transition, it’s a transformation.”

Opportunities That Sparkle

From a consumer perspective, Titan Dubai’s Damas Deal opens up exciting new possibilities. Customers in the GCC may soon get to experience enhanced in-store experiences, a broader product catalogue, and even collaborations with other brands that combine the best of Tanishq’s Indian heritage with Damas’s Middle Eastern.

The acquisition is also tend to build synergy benefits in retail networks, supply chains, and talent development. Titan brings with it  a track record of innovation, digital transformation, and customer-centric design. Pair that with Damas’s regional goodwill and you have a retail powerhouse in the creation. 

What’s Next?

With Titan Dubai’s Damas Deal expected to close by January 2026, all eyes are now on how the brand transformation unfolds. Signature Jewellery Holding Limited, it’s a DIFC-registered company, that will act as the new holding company once the transaction is complete.

Meanwhile, all the financials are just as mesmerising as the jewellery itself. Damas reported a turnover of Dh1.461 billion in 2024, reflecting the brand’s strong retail performance in the region.

As global retail experiences shifts in luxury preferences, Gen Z spending habits, and digital-first models, Titan Dubai’s Damas Deal stands as a bold bet on tradition meeting transformation. 

A Strategic Leap Forward

As India and the UAE continue to grow their business and cultural ties, this initiative feels like a natural next step, a brilliant blend of old-world charm and new-age ambition together. Whether you’re one of those jewellery lover or simply someone watching how global brands evolve, Titan Dubai’s Damas Deal is a story worth following.

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